Huobi Price Analysis: Reversal from $4.3 Support Aims 8% Jump in HT

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Published 21 mins ago

The $4.3 support stalled the last weekend’s sell-off indicates the traders are actively accumulating at this level. Today, the republished bullish momentum attempts to raise the Huobi (HT) price higher, targeting the overhead resistance of $4.78. However, can buyers undermine the surpass this supply region?

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Key points 

  • A bullish reversal from the $4.3 could surge the HT price above $4.7.
  • A breakdown from $4.3 support would invalidate the bullish thesis
  • The intraday trading volume in the HT is $27 Million, indicating a 5.87% gain

 Source- –Tradingview

 On June 7th, the HT price showed a failed attempt to sustain above the breached resistance of $7.22. This fakeout triggered a significant sell-off and plugged the altcoin 41% down to the $4.3 mark.

However, the technical chart shows the decreasing spread in this downtrend cycle, indicating the losing bearish momentum. Furthermore, the recent relief rally turned down from the $4.78 mark and plunged back to $4.3.

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Moreover, over the past four days, the HT price hovering above the $4.3 mark validates it as legitimate support. Today, the altcoin is by 2% and rebounds from this bottom support.

The potential rally may propel the HT price 8.2% higher to rechallenge the overhead resistance of $4.78.

On a contrary note, if the selling pressure persists, the altcoin may slice through the $4.3 support, indicating the continuation of the prevailing downfall.

Technical Indicators

Bollinger Band indictor: the downsloping indicator bands reflect an overall downtrend in HT price. Moreover, the price action trading below the midline since June’s second week indicates aggressive selling from traders.

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RSI indicator: contrary to the lower low formation in price action, the daily-RSI slope trending higher indicates rising bullish momentum. Such absolute divergence supported the bullish theory mentioned above.

  • Resistance levels- $4.78 and $5.6
  • Support levels- $4.3 and $3.87

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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